12th MARCH 2008 BUDGET PROPOSALS
AND CHANGES FOR 2008/2009 previously announced
(Subject to details in the Finance Bill)
Ellis Atkins have taken all due care in the presentation of these notes. No responsibility for loss occasioned to any person or company acting or refraining from action as a result of any material in these notes can be accepted by Ellis Atkins, its partners or staff. Please contact us or your own professional advisor for advice specific to your circumstances.

9.1 Certain types of trust previously exempt from Inheritance Tax charges became liable to Inheritance Tax from 22nd March 2006.  This applied to new trusts created from 22nd March 2006 and could affect trusts already in existence. The current Inheritance Tax exemptions will only remain available if certain (new) conditions are met.  The new conditions are more restrictive and may require the trust deeds to be amended no later than 5th April 2008.  For further information and advice please contact us urgently.